GBP/USD (week of 12-16/09)

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Weekly Summary

Sterling-Dollar is trading around 1.142, after closing the previous week at 1.142 (down 0%) .

A good end to the trading week, GBP/USD is up to 1.142, after closing yesterday at zero. Overall, a 0% move or 11,419 pips this week. (Trade Sterling-Dollar with FXTM now).

This move comes while some more positive signs for the Pound are out as data for United Kingdom Average Earnings Index +Bonus published Tuesday came out at 5.5, beating projections of 5.4 and showing improvement over the preceding figure of 5.2.

Nevertheless, United Kingdom Manufacturing Production released earlier showed a marked improvement to 0.1% from the preceding data of -1.6%, but fell short of the 0.4% figure forecast by a consensus of market analysts. Highly important GDP data from United Kingdom beat analyst expectations of 0.3% with a reading of 0.2%.

Meanwhile, United Kingdom Claimant Count Change (Aug) released Tuesday with a figure of 6,300, while the previous figure was -14,500. Fresh Monthly GDP 3M/3M Change data from United Kingdom came out at zero.

Elsewhere, United Kingdom BoE Interest Rate Decision (Sep) is scheduled for Thursday. United Kingdom Composite PMI is expected Friday. United Kingdom Services PMI is expected Friday.

Sep. 16, 2022

The Pound bounces 68 pips from 2 years low

(23:03) GMT

After closing Wednesday at 1.1467, the Pound dropped to 1.1351 today, hitting its lowest point in 2 years during yesterday's session. It later recovered 68 pips and is now trading at 1.142.

Amid the market gloom, United Kingdom CFTC GBP speculative net positions released today at 19:30 UTC with a figure of -68,100, while the previous figure was -50,400. Core Retail Sales in United Kingdom fell short of market expectations (-0.7%) with a reading of -1.6%, continuing the decline from the previous figure of 0.4%. Core Retail Sales in United Kingdom fell short of market expectations (-3.4%) with a reading of -5%, continuing the decline from the previous figure of -3.1%.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger bands shows an indication of recovery: the lower band is at 1.1361, a low enough level to, generally, suggest that Sterling-Dollar is trading below its value. Following today's trading session, chart analysis suggests the Pound broke through the 1.1442 support line and dropped 22 pips below it.

All in all, the technical analysis suggests the Pound has no clear-cut direction.

In the meantime, negative performances are seen in other pairs, GBP/NZD is down to 1.9058, losing 160 pips, after closing at 1.9218 yesterday. After ending yesterday's session at 164.53, GBP/JPY lost 131 pips and is trading around 163.21.

Positive performances can be seen by looking at other currencies as EUR/GBP climbs 0.52% to trade around 0.8768.

Sterling-Dollar is now trading 7.25% below its 3-month high of 1.3824.

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